Preface:

In January, the "Spring Festival Gala" of the global biopharmaceutical industry – the 44th Annual J.P. Morgan Healthcare Conference – was held grandly in San Francisco, USA. Efung Capital's portfolio companies, including Ascentage Pharma, Hangzhou Gaoguang, Andao Pharma, Biao Xin Bio, and Mai Lian Ke, made major appearances, collectively showcasing the cutting-edge power of Chinese innovative drug companies.

Efung's portfolio companies also achieved continuous breakthroughs in key areas such as clinical trials, regulatory approvals, and collaborations, outlining a clear trajectory of accelerated industry progress and injecting vigorous momentum into the beginning of the new year.

01 Portfolio Company IPO and Financing Progress

Insight Lifetech

· Insight Lifetech Plans to List on Shanghai STAR Market

On January 16, Insight Lifetech disclosed its prospectus, initiated the issuance process, and planned to subscribe on January 26 for listing on the Shanghai STAR Market.

Yuewei Medical

· Completes Nearly 100 Million RMB Series B Financing, Strengthening Cardiovascular Surgery Presence

Yuewei Medical announced the completion of nearly 100 million RMB in equity financing. This round was led by Efung Capital, with participation from Beishang Capital and Bohai Chuangfu.

02 Portfolio Company Clinical and Commercialization Updates

Gaoguang Pharmaceutical

· Phase III Clinical Trial of Ginuoxitinib (TLL-018) for Chronic Spontaneous Urticaria (CSU) Meets Primary Endpoint at Interim Analysis

Recently, Gaoguang Pharmaceutical announced positive topline data from the Phase III clinical trial of its oral small molecule JAK1/TYK2 inhibitor, Ginuoxitinib, for the treatment of CSU.

· Brain-Penetrating NLRP3 Inhibitor HL-400 Completes Single Ascending Dose Portion of Phase I Clinical Study

Recently, Gaoguang Pharmaceutical announced that its self-developed brain-penetrating NLRP3 inhibitor, HL-400, has successfully completed the single ascending dose portion of its Phase I clinical trial plan in healthy volunteers in the United States.

Yinnuo Pharma

· Attends 2026 China FIC Innovation & Cooperation Summit, Showcasing Chinese Original Strength to the World

Recently, the 2026 China FIC Innovation & Cooperation Summit was held during the J.P. Morgan Healthcare Conference (JPM) in San Francisco, USA. Yinnuo Pharma presented its core product YN001 during a project roadshow at the summit, showcasing China's breakthrough progress in the treatment of cardiovascular diseases to top global pharmaceutical companies and investment institutions.

Weimai Medical

· Deeply Participates in National Medical Service Price Guidance Release Event

On January 20, the National Healthcare Security Administration officially issued the "Guidelines for Medical Service Price Projects in Surgical and Therapeutic Auxiliary Operations (Trial)". Weimai Medical, as one of a very small number of invited companies, participated in both the exhibition and the press conference segments.

Westlake Omics

· IGF-I Clinical Mass Spectrometry Diagnostic Product Obtains EU CE Certification

On January 21, Westlake Omics' Insulin-like Growth Factor I (IGF-I) Detection Kit officially obtained EU CE certification and has been included in the European Database on Medical Devices (EUDAMED), gaining approval to enter the EU market.

Century Kangtai

· Binocular Postoperative Vision at 1.2/1.0/1.2 (Distance/Intermediate/Near)

Recently, Professor Zhang Shunhua from the Ophthalmology Department of Peking Union Medical College Hospital successfully performed binocular implantation of Century Kangtai's Liangshian® Trifocal Plus Intraocular Lens for a patient with high visual demands. One day post-surgery, the patient achieved excellent visual acuity of 1.2 (distance), 1.0 (intermediate), and 1.2 (near) in both eyes.

Jingwei Shida

· First National Publication! Domestic Confocal Microscopy Assists in Precision Diagnosis of Pleural Diseases

Recently, "Frontiers in Oncology" published a prospective study from Wuhan Central Hospital. The study utilized Jingwei Shida's domestic BIOPSEE® Confocal Laser Endomicroscopy, which has been put into use in over 600 leading hospitals nationwide.

Xuanyu Medical

· Xuanyu Medical Products Applied in Multiple Hospitals

The Cardiology Departments of Affiliated Hospital of Zunyi Medical University, Xingtai People's Hospital, Jixi County People's Hospital, and Guzhen County People's Hospital successfully applied Xuanyu Medical's RhythPulse® Pulsed Field Ablation Catheter.

Zhongrui Chuang

· Reaches Cooperation Agreement with Qilu Pharmaceutical to Jointly Promote RAY1225 Commercialization in China

On January 16, Zhongrui Chuang and Qilu Pharmaceutical held a strategic cooperation signing ceremony, jointly announcing a license agreement for the innovative drug RAY1225 injection, a GLP-1/GIP dual-target receptor ultra-long-acting agonist.

· RAY1225 Injection Phase III Clinical Trial for Type 2 Diabetes Monotherapy Efficiently Completes Enrollment Target

Recently, Zhongrui Chuang efficiently completed the enrollment target for the Phase III clinical trial of RAY1225 injection as a monotherapy for type 2 diabetes.

Harbour BioMed

· Acquires Common Stock of Spruce Biosciences, Further Deepening Strategic Cooperation

Recently, Harbour BioMed announced that it has exercised warrants through its wholly-owned subsidiary to acquire common stock of Spruce Biosciences, Inc. Following the transaction, Harbour BioMed holds approximately 3.8% of Spruce's outstanding shares and approximately 3.1% on a fully diluted basis.

· Proposes Share Buyback of Up to HKD 300 Million

Recently, Harbour BioMed announced that it has decided to exercise the buyback authorization and will repurchase shares on the open market from time to time depending on market conditions, using up to HKD 300 million for the proposed share buyback. Additionally, the company may conduct further repurchases within the applicable authorization based on market conditions.

Yingmeida

· Ultrasound Endoscopy Established

Recently, Yingmeida's miniature probe ultrasound endoscope was officially established in the Pediatrics Department of the First Affiliated Hospital of Guangzhou Medical University, Urumqi First People's Hospital (Children's Hospital), the Sixth Affiliated Hospital of Xinjiang Medical University, and the Seventh Division Hospital of Xinjiang Production and Construction Corps.

Ascentage Pharma

· Attends 44th Annual J.P. Morgan Healthcare Conference and Delivers Corporate Presentation

Recently, Ascentage Pharma announced that Dr. Yang Dajun, Chairman and CEO of the company, was invited to speak at the 44th Annual J.P. Morgan Healthcare Conference, showcasing Ascentage Pharma's achievements and future outlook under its patient-centered global innovation strategy.

Quesgen Biotech

· First Subject Dosed in Phase I Clinical Trial of QX030N

Recently, Quesgen Biotech announced that the first cohort of healthy volunteers has been successfully dosed in the Phase I clinical trial of QX030N/CLD-423 (Caldera development code), which is being co-developed with its partner Caldera.

Yahong Pharma

· First Subject Enrolled in China for Phase I Clinical Trial of APL-2401 in Patients with FGFR2/3-Driven Advanced Solid Tumors

On January 8, Yahong Pharma announced that the first subject has been enrolled in China for the Phase I clinical trial of its self-developed APL-2401 (drug name: ASN-8639 tablets) in patients with FGFR2/3-driven advanced solid tumors.

Frontier Biotech

· Clinical Trial Application for FB7013 Domestic Drug Production Received Acceptance Notice

Recently, Frontier Biotech submitted a clinical trial application to the National Medical Products Administration for a self-developed siRNA drug targeting MASP-2, a key protein in the lectin pathway of the complement system.

03 Portfolio Company New Drug and Device Approvals

Core Medical

· First Domestic pVAD Approved for Market by NMPA

Recently, the NMPA announced the approval of Core Medical's interventional left ventricular assist device and interventional left ventricular assist catheter pump kit.

APL-1202 Receives Approval under Canada's Special Access Program (SAP)

Kelong Bio

· First-in-Class Dry Eye Therapy P002 Receives Clinical Trial Approval from Health Canada

Recently, Kelong Bio announced that its dry eye ophthalmic solution P002 has received approval from Health Canada to conduct a First-in-Human (FIH) study.

Century Kangtai

· New Model of Next-Generation Versatile Hydrophobic Intraocular Lens Approved for Market

Recently, Tianjin Century Kangtai's "Next-Generation Versatile Hydrophobic Intraocular Lens" received approval for a new model (ASOB55LPS) from the National Medical Products Administration (NMPA), expected to be available for clinical use starting February this year.

Ascentage Pharma

· IND for BTK Degrader APG-3288 Cleared by US FDA

Recently, Ascentage Pharma announced that its Investigational New Drug (IND) application for APG-3288, a novel, next-generation BTK-targeting protein degrader, has been cleared by the US FDA.

Yahong Pharma

· APL-1202 Approved under Health Canada's Special Access Program (SAP)

Recently, Yahong Pharma announced that its self-developed drug APL-1202 (nitroxoline tablets) has been approved under Health Canada's Special Access Program (SAP).

· IND Application for APL-2401 in Patients with FGFR2/3-Driven Advanced Solid Tumors Approved by NMPA

On January 22, Yahong Pharma announced that APL-2401 (drug name: ASN-8639 tablets) has received clinical trial ethics approval from the Australian Human Research Ethics Committee for a Phase I clinical trial in patients with FGFR2/3-driven advanced solid tumors, and has completed clinical trial with the Therapeutic Goods Administration (TGA) under the Australian Department of Health.

Harbour BioMed

· National Major Science and Technology Innovation Project Approved

Recently, the "Research on the Pathogenesis and New Paradigm of Clinical Precision Diagnosis and Treatment of Pancreatic Cancer" project, led by Shanghai Changhai Hospital and with Harbour BioMed as a participating applicant, was successfully approved for funding.

CStone Pharmaceuticals

· World's First and Only Subcutaneous PD-L1 Inhibitor

On January 9, CStone Pharmaceuticals announced that the National Medical Products Administration (NMPA) has formally accepted the New Drug Application (NDA) for its commercial product Envida® in combination with gemcitabine and oxaliplatin for the first-line treatment of unresectable or metastatic biliary tract cancer.

04 Portfolio Company Honors

Awarded "2025 Excellent Science and Technology Innovation Enterprise Award" by Xuhui District Government, Shanghai

Harbour BioMed

Selected for the 2026 American Association for Cancer Research (AACR) Annual Meeting

Tiangang Yinuo – Two innovative research achievements

Passed the Shenzhen "Specialized, Sophisticated, Unique, and Innovative SME" Review

Zifu Medical

Awarded First Prize of the Natural Science Award at the 2026 Hubei Provincial Science and Technology Innovation Conference

Huiguan Bio – 3D Pathology Core Technology

Ranked on iiMedia Ranking's 2025 China Innovative Drug Overseas Expansion Leading Enterprise Top 40

Ascentage Pharma, CStone Pharmaceuticals, Harbour BioMed

Recognized as a "National High-Tech Enterprise"

Xuanyu Medical

Shortlisted for the Ministry of Industry and Information Technology & National Medical Products Administration's 2025 AI Medical Device Innovation "Open Competition" List

Pumen Technology

Listed on Jiangsu Province Unicorn Enterprise List

BioInno

Awarded "2025 Satisfactory Result for Bevacizumab Concentration Determination in Monkey Serum – Proficiency Testing"

Tianqin Bio – Bevacizumab detection capability

Re-awarded as Guangdong Provincial Manufacturing Champion Enterprise by the Guangdong Provincial Department of Industry and Information Technology

Insight Lifetech

05 Efung Capital Honors

▷ RongZhong

Efung Capital – 2025 Top 100 Chinese Venture Capital Institutions

Zhu Pai – 2025 Outstanding Chinese Investor

▷ LP CLUB

Efung Capital – 2025 Top 20 Best Medical Device Investment Institutions

Zhu Pai – 2025 Top 30 Biopharmaceutical Investors

2025 Private Equity Investment Opinion Leader

▷ Investors.com

Efung Capital – 2025 Top 35 Best Investment Institutions in the Healthcare Sector

2025 Top 50 Best Venture Capital Institutions

Zhu Pai – 2025 Top 10 Best Investors in the Healthcare Sector

▷ QiMingPai

Efung Capital – 2025 China Top 50 Most Active Venture Capital Institutions

Zhu Pai – 2025 China Top 100 Best Investors & Financial Advisors

▷ IPO Early Know

Efung Capital – 2025 Top 100 Best IPO Investment Institutions

Best Healthcare Investment Institution

▷ China Venture Capital Research Institute

Efung Capital – 2025 Top 30 VC Institutions Most Favored by LPs in China

▷ TMT Post VC

Efung Capital – 2025 Pioneer List Top 20 in Healthcare Sector

06 Efung Capital Milestones

Efung Capital's Zhu Pai Attends JPM in the US

· On January 12, the 44th Annual J.P. Morgan Healthcare Conference was held in San Francisco, USA. Zhu Pai, CEO of Efung Capital, attended the conference. This marked Efung Capital's fourth participation in the JPM conference, where he explored industry trends and cooperation opportunities with global innovative drug leaders and seasoned investors, while showcasing "China's medical investment potential and value" to the world.

Efung Capital 2026 Flag Football Team Building Successfully Concludes

· On January 29, Efung Capital's 2026 "Where Efung Points, Dare to Rush, Dare to Fight" flag football team building event came to a successful close. During the event, everyone demonstrated another possibility of team integration through sprinting and collaboration, witnessing each other's hard work .